CBN fines Wema Bank N72.85m for contraventions

By Amaka Ifeakandu

Shareholders of Wema Bank have frowned over the charges paid by the bank for contravention of Central Bank of Nigeria (CBN) regulations, pointing out that the total amount paid would have helped to enhance bank’s profitability.
The bank paid total charges of N72.847 million. Some of the contraventions during the year under review include non-compliance with cashless policy, failure to publish financial statement on time, failure to render timely daily return on E- FASS, late rendition of quarterly return, failure to obtain CBN approval for employment of senior staff and wrong application of foreign exchange transactions from CBN.
Addressing shareholders at the annual general meeting, chairman of Wema Bank, Adeyinka Asekun, said that the bank however returned to full profitability following its concerted efforts in implementing the first phase of the bank’s turnaround project.
He said that the bank was encouraged by the year on year growth in total asset and customer deposits which rose by 35% and 25% respectively to N330.872 billion and N217.734 billion from N245.704 billion and N174.302 billion recorded the previous year.
He also attributed the bank’s 2013 performance to the success of the management’s turnaround plan. According to him “despite the challenging operating environment, Wema Bank achieved a significant milestone as it returned to full profitability following concerted efforts in implementing the first phase of the bank’s turnaround project.”
Asekun assured all stakeholders that the  Bank was confident of achieving its growth targets while remaining efficient and responsive. He also thanked shareholders for their unquantifiable support and contributions over the years.